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US Energy Corp – ‘10-Q’ for 8/31/96

As of: Tuesday, 10/15/96 · For: 8/31/96 · Accession #: 101594-96-38 · File #: 0-06814

  As Of                Filer                Filing    For·On·As Docs:Size

10/15/96  US Energy Corp                    10-Q        8/31/96    2:25K

Quarterly Report — Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Use 10-Q 8/31/96                                      13     53K 
 2: EX-27       Financial Data Schedule (Pre-XBRL)                     1      7K

10-Q — Use 10-Q 8/31/96
Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Exhibits and Reports on Form 8-K Financial Statements Legal Proceedings Management's Discussion and Analysis of Financial Condition and Results of Operations Notes to Condensed Consolidated Financial Statements Signatures
1	1st Page - Filing Submission
2	Item 1. Financial Statements
"	Notes to Condensed Consolidated Financial Statements
"	Item 6. Exhibits and Reports on Form 8-K
"	Signatures
9	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
12	Item 1. Legal Proceedings

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FORM 10-Q             

SECURITIES AND EXCHANGE COMMISSION          

Washington, D. C.  20549          

[X]  Quarterly report pursuant to section 13 or 15(d) of the                    
Securities Exchange Act of 1934                                       
For the fiscal quarter ended August 31, 1996 or                       
[ ]  Transition report pursuant to section 13 or 15(d) of the                   
Securities Exchange Act of 1934                                       
For the transition period from _____ to _____                         

Commission file number   0-6814                                                 

U.S. ENERGY CORP.               
------------------------------------------------------------------              
(Exact Name of Registrant as Specified in its Charter)                

Wyoming                                      83-0205516               
----------------------------------------     ---------------------              
(State or other jurisdiction of              (I.R.S. Employer                   
incorporation or organization)               Identification No.)                

877 North 8th West, Riverton, WY                  82501                         
----------------------------------------     ---------------------              
(Address of principal executive offices)          (Zip Code)                    

Registrant's telephone number, including area code:(307) 856-9271               

Not Applicable                
------------------------------------------------------------------              
(Former name, former address and former fiscal year, if changed                 
since last report)                                                              

Indicate by check mark whether the Registrant:  (1) has filed         
all reports required to be filed by Section 13 or 15(d) of the                  
Securities Exchange Act of 1934  during  the  preceding  12 months              
(or for such shorter period that the Registrant was required to                 
file such reports), and (2)  has been subject to such filing                    
requirements  for the past 90 days.                                             

YES   X             NO _____                

State the number of shares outstanding of each of the issuer's        
classes of common stock, as of the latest practicable date.                     

Class                   Outstanding at October 14, 1996   
-----------------------------      -------------------------------              
Common stock, $.01 par value              6,744,009 Shares                      

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U.S. ENERGY CORP.               

INDEX               

                                          Page No.
PART I.   FINANCIAL INFORMATION                                                 

ITEM 1.  Financial Statements.                                                  

Condensed Consolidated Balance Sheets                         
August 31, 1996 and May 31, 1996. . . . . . . . .  3-4    

Condensed Consolidated Statements of Operations               
Three Months Ended August 31, 1996 and 1995 . . .  5  

Condensed Consolidated Statements of Cash Flows               
Three Months Ended August 31, 1996 and 1995 . .  6-7  

Notes to Condensed Consolidated                               
Financial Statements. . . . . . . . . . . . . . .  8-9    

ITEM 2.  Management's Discussion and Analysis of                                
Financial Condition and Results of Operations . . 9-11    

PART II. OTHER INFORMATION                                                      

ITEM 1.  Legal Proceedings . . . . . . . . . . . . . . . . . . 12               

ITEM 6.  Exhibits and Reports on Form 8-K. . . . . . . . . . . 12               

Signatures. . . . . . . . . . . . . . . . . . . . . 13    

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PART I.  FINANCIAL INFORMATION          

Item 1.  Financial Statements.                                                  

U.S. ENERGY CORP. AND AFFILIATES          

Condensed Consolidated Balance Sheets         

ASSETS          
                            August 31,         May 31,
                             1996             1996
                             -----------      ----------
                              (Unaudited)      (Unaudited)
CURRENT ASSETS:                                                                 
Cash and cash equivalents             $ 1,504,000      $   992,600          
Accounts receivable                                                         
Trade                                   456,300          570,900        
Related parties                         259,700          281,800        
Inventory                                 106,100          118,700          
Current portion long-term                                                   
notes receivables                       434,700          438,700        
Assets held for resale and other          975,800          509,700          
                            -----------      -----------
TOTAL CURRENT ASSETS                3,736,600        2,912,400      
                            -----------      -----------
INVESTMENTS AND ADVANCES                                                        
Affiliates                              3,811,700        3,658,500          
Restricted                              8,245,200        8,200,800          
                            -----------      -----------
                             12,056,900       11,859,300

PROPERTIES AND EQUIPMENT                 26,840,600       26,694,300            
Less accumulated depreciation,                                              
depletion and amortization             (9,199,700)      (9,047,900)         
                            -----------      -----------
                             17,640,900       17,646,400

OTHER ASSETS:                                                                   
Accounts and notes receivable:                                              
Real estate and other                 1,559,400        1,648,900        
Affiliates and related parties          713,300          532,400        
Deposits and other                        197,000          193,900          
                            -----------      -----------
                              2,469,700        2,375,200
                            -----------      -----------
                            $ 35,904,100     $34,793,300
                            ===========      ===========

See notes to condensed consolidated financial statements.         

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U.S. ENERGY CORP. AND AFFILIATES          

Condensed Consolidated Balance Sheets         

LIABILITIES AND SHAREHOLDERS' EQUITY          

                            August 31,         May 31,
                             1996             1996
                             ----------       ----------
                              (Unaudited)      (Unaudited)
CURRENT LIABILITIES:                                                            
Accounts payable and                                                        
accrued expenses                    $ 1,229,300      $ 1,292,300        
Line of credit                            937,000          499,000          
Current portion of long-term debt         260,300          239,900          
                            -----------      -----------
TOTAL CURRENT LIABILITIES             2,426,600        2,031,200        

LONG-TERM DEBT (See Note 4)                 516,900          444,300            

RECLAMATION LIABILITY (See Note 5)        3,978,800        3,978,800            

OTHER ACCRUED LIABILITIES (See Note 5)   10,263,000       10,414,300            

DEFERRED TAX LIABILITY                      183,300          183,300            

COMMITMENTS AND CONTINGENCIES                                                   

MINORITY INTEREST                         2,492,000        1,637,900            

Common stock, 195,520                                                           
shares forfeitable                      1,486,500        1,486,500          

SHAREHOLDERS' EQUITY:                                                           
Preferred stock, $.01 par value;                                            
authorized, 100,000 shares;                                             
none issued or outstanding                --               --           
Common stock, $.01 par value;                                               
authorized, 20,000,000 shares;                                          
issued, 6,556,909 and 5,262,794          64,000           63,100        
Additional paid-in capital             21,103,400       20,775,700          
Retained earnings (deficit)            (3,441,000)      (3,052,400)         
Treasury stock, 769,943                                                     
shares, at cost                      (2,242,400)      (2,242,400)       
Unallocated ESOP contribution            (927,000)        (927,000)         
                            ------------     -----------
                             14,557,000       14,617,000
                            ------------     -----------
                            $35,904,100      $34,793,300
                            ===========      ===========

See notes to condensed consolidated financial statements.         

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U.S. ENERGY CORP. AND AFFILIATES          

Condensed Consolidated Statements of Operations         
(Unaudited)         
                            Three Months Ended
                            August 31,
                           ---------------------------
                            1996            1995
REVENUES:                                -----------     -----------            
Mineral sales and option              $    --         $ 2,174,300           
Construction contract revenues            515,900       1,627,100           
Oil sales                                  39,100          41,500           
Commercial revenues                       612,500         471,100           
Gain from restructuring                                                     
mining properties agreements             20,900           --            
Gain on sale of assets                     --              16,600           
Interest                                  127,100          21,900           
Management and other fees                  23,600          32,800           
                           -----------     -----------
                             1,339,100       4,385,300
                           -----------     -----------
COSTS AND EXPENSES:                                                             
Costs of mineral sales                     --           1,824,300           
Mineral operations                        162,800          61,600           
Construction costs                        363,200       1,206,400           
Abandoned gas leases                       --             328,700           
General and administrative                415,300         443,400           
Commercial operations                     730,600         538,200           
Oil production                             24,100          17,500           
Interest                                   35,900          60,400           
                            -----------     ------------
                             1,731,900       4,480,500
                            -----------     ------------
INCOME (LOSS) BEFORE                                                            
EQUITY INCOME OF AFFILIATE                                                  
AND PROVISION FOR INCOME TAXES           (392,800)        (95,200)          

MINORITY INTEREST IN (GAIN)                                                     
LOSS OF CONSOLIDATED SUBSIDIARIES         113,800         (35,600)          

EQUITY IN LOSS OF AFFILIATES - NET         (109,600)        (75,600)            
                            -----------     ------------
INCOME (LOSS) BEFORE PROVISION                                                  
FOR INCOME TAXES                         (388,600)       (206,400)          
PROVISION FOR INCOME TAXES                   --               --                
                            -----------     ------------
LOSS BEFORE DISCONTINUED OPERATIONS        (388,600)       (206,400)            

INCOME FROM DISCONTINUED OPERATIONS          --             184,000             
(Note 6)                                                                    

NET INCOME (LOSS)                       $  (388,600)    $   (22,400)            
                            ===========     ============
NET INCOME (LOSS)                                                               
PER SHARE (see Note 7)                $      (.06)          *               
                           ===========     ===========
WEIGHTED AVERAGE NUMBER OF                                                      
SHARES OUTSTANDING                      6,512,670       5,728,784           
                           ===========     ===========

*Less than $.01 per share.                                                      

See notes to condensed consolidated financial statements.         

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U.S. ENERGY CORP. AND AFFILIATES        

Condensed Consolidated Statement of Cash Flows        
(Unaudited)       

                                      Three Months Ended
                                      August 31,
                                      --------------------------
                                       1996           1995
                                        -----------    -----------
CASH FLOWS FROM OPERATING ACTIVITIES:                                           
Net Income                                  $  (388,600)   $   (22,400)     
Adjustments to reconcile                                                    
net income to net cash used                                                 
in operating activities:                                                    
Minority interest in (gain) loss                                        
of consolidated subsidiaries               (109,600)        35,600  
Income from discontinued operations            --           (184,000)   
Depreciation, depletion                                                 
and amortization                            161,600        198,400  
Abandoned mineral leases                       --            328,700    
Equity in (gain) loss of affiliates           111,300         75,600    
(Gain) loss on sale assets                     --            (16,600)   
Other                                          (3,400)         5,000    
Net changes in components                                                   
of working capital                             (98,100)    (1,484,700)    
Change in deferred income taxes                  --             83,700      
                                      -----------    -----------
NET CASH USED IN OPERATING ACTIVITIES            (326,800)      (980,700)       

CASH FLOWS FROM INVESTING ACTIVITIES:                                           
Change in note receivable                       (87,300)        14,600      
Change in investments in affiliates             699,200       (217,000)     
Purchase of property and equipment              (30,300)       (94,600)     
Increase in restricted investments              (44,400)        --          
Proceeds from sale of assets                     --             21,300      
Development of gas properties                   (20,300)       (16,900)     
Development of mining properties               (102,200)      (113,800)     
                                      -----------    -----------
NET CASH PROVIDED BY (USED IN)                                                  
INVESTING ACTIVITIES                            414,700       (406,400)     

CASH FLOWS FROM FINANCING ACTIVITIES:                                           
Exercise of options for common stock            328,500      2,842,200      
Payment on long-term debt                      (130,100)    (1,331,900)     
Additions to long-term debt                     225,100         90,300      
                                      -----------    -----------
NET CASH PROVIDED BY FINANCING ACTIVITIES         423,500      1,600,600        
                                      -----------    -----------
NET INCREASE (DECREASE) IN CASH                                                 
AND CASH EQUIVALENTS                            511,400        213,500      

(Continued)                                                                     

See notes to condensed consolidated financial statements.       

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U.S. ENERGY CORP. AND AFFILIATES        

Condensed Consolidated Statement of Cash Flows        
(Unaudited)       

                                      Three Months Ended
                                      August 31,
                                      --------------------------
                                       1996           1995
                                        -----------    -----------
CASH AND CASH EQUIVALENTS AT                                                    
BEGINNING OF PERIOD                             992,600        360,600      
                                      -----------    -----------
CASH AND CASH EQUIVALENTS AT                                                    
END OF PERIOD                               $ 1,504,000    $   574,100      
                                      ===========    ===========
SUPPLEMENTAL DISCLOSURES:                                                       

Income tax paid                             $    --        $    --          
                                      ===========    ===========

Interest paid                               $    35,900    $    60,400      
                                      ===========    ===========

See notes to condensed consolidated financial statements.       

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U.S. ENERGY CORP. AND AFFILIATES                

Notes to Condensed Consolidated Financial Statements                

1)   The Condensed Consolidated Balance Sheet as of August 31,        
1996, the Condensed Consolidated Statements of Operations for the               
three months ended August 31, 1996 and 1995, and the Condensed                  
Consolidated Statements of Cash Flows for the three months ended                
August 31, 1996 and 1995, have been prepared by the Registrant                  
without audit.  The Condensed Consolidated Balance Sheet as of May              
31, 1996, has been taken from the audited financial statements                  
included in the Registrant's Annual Report on Form 10-K for the                 
period then ended.  In the opinion of the Registrant, the                       
accompanying financial statements contain all adjustments                       
(consisting of only normal recurring accruals) necessary to present             
fairly the financial position of Registrant as of August 31, 1996               
and May 31, 1996, the results of operations for the three months                
ended August 31, 1996 and 1995, and the cash flows for the three                
months then ended.                                                              

2)   Certain information and footnote disclosures normally            
included in financial statements prepared in accordance with                    
generally accepted accounting principles have been condensed or                 
omitted.  It is suggested that these financial statements be read               
in conjunction with the Registrant's May 31, 1996 Form 10-K.   The              
results of operations for the periods ended August 31, 1996 and                 
1995 are not necessarily indicative of the operating results for                
the full year.                                                                  

3)   The consolidated financial statements of the Registrant          
include 100% of the accounts of USECB Joint Venture ("USECB" or                 
"USECC") which is owned 50% by the Registrant and 50% by the                    
Registrant's subsidiary, Crested Corp. (Crested).  The consolidated             
financial statements also reflect 100% of the accounts of its                   
majority-owned subsidiaries: Energx Ltd. (90%), Crested (51.9%),                
Sutter Gold Mining Company ("SGMC")(74%), Plateau Resources Limited             
(100%) and Four Nines Gold, Inc. (50.9%)  All material intercompany             
profits and balances have been eliminated.                                      

4)   Debt as of August 31, 1996, consists of a line of credit         
totaling $576,000; various equipment and other loans totaling                   
$143,700, and debt attributable to consolidated affiliates of                   
$746,100 on Four Nines Gold and $248,400 on SGMC.  Certain inter-               
affiliate loans were eliminated during consolidation.                           

5)   Accrued reclamation obligations of $3,978,800 are the            
Registrant's share of a reclamation liability at the Crooks Gap                 
Mining District and the full obligation at the Shootaring Uranium               
Mill.  The reclamation work may be performed over several years.                
In addition, Plateau has recorded additional obligations of                     
$10,263,200, for the estimated holding and maintenance costs needed             
until the mill is placed in service or decommissioning begins.                  

6)   As of February 1, 1996, the Registrant sold 100% of its          
wholly-owned subsidiary, The Brunton Company, which manufactures                
and markets outdoor sporting goods.  The operations of Brunton have             
therefore been restated for the three months ended August 31, 1995.             
Results of operations for that period are reported as income from               
discontinued operations.                                                        

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7)   Net income (loss) per share is computed using the                
weighted average number of common shares outstanding during each                
period.  The dilutive effect of stock options is not included in                
the computation, as it is not material.                                         

Item 2.   Management's Discussion and Analysis of Financial                     
Condition and Results of Operations.                        

The following is Management's discussion and analysis of              
significant factors which have affected the Registrant's liquidity,             
capital resources and results of operations during the period                   
included in the accompanying financial statements.                              

Liquidity and Capital Resources                                                 

Working capital increased during the three months ended August        
31, 1996, by $428,800 to working capital of $1,310,000.  Cash and               
cash equivalents increased by $511,400 to $1,504,000 during the                 
period ended August 31, 1996.  This increase was as a result of                 
financing and investing activities.                                             

During the quarter ended August 31, 1996, employees of the            
Registrant and others exercised their options and purchased a total             
of 90,000 shares of the Registrant's common stock for a total of                
$328,500.  The Registrant also increased long-term debt by                      
$225,000.  This increase in long-term debt was offset by the                    
repayment of various portions of other long-term debt.                          
Additionally, as a component of working capital, the Registrant and             
its subsidiary, Four Nines Gold, Inc. ("FNG"), increased the                    
borrowings on their lines of credit by $400,000 and $38,000,                    
respectively.                                                                   

The Registrant's subsidiary Sutter Gold Mining Company                
("SGMC") equity financing of $842,370 during the quarter ended                  
August 31, 1996.  This activity accounted for the majority of the               
positive cash flows from investing activities of $414,700 for the               
quarter.  Offsets to this increase were the use of funds for the                
purchase of equipment of $30,300; an increase in restricted                     
investments of $44,400; development of gas properties of $20,300;               
development of mining properties of $102,200 and a net change in                
notes receivable of $87,300.                                                    

The increase in development costs for mining and gas                  
properties is primarily as a result of the Registrant and its                   
subsidiary Crested funding Sheep Mountain Partners ("SMP"), Plateau             
Resources, Limited ("Plateau") and Energx, Ltd. ("Energx").  As the             
Registrant and Crested provide various services for the Green                   
Mountain Mining Venture ("GMMV") and SMP, the non-affiliated                    
participants are invoiced for their proportionate share of the                  
approved operating costs.  GMMV is current on its reimbursements to             
the Registrant and Crested for all the operating costs.  However,               
due to disputes existing between the SMP partners, the Registrant               
and Crested have not been reimbursed for care and maintenance costs             
expended on the SMP mineral properties since the spring of 1991.                

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The primary requirements for the Registrant's working capital         
continue to be the funding of on-going administrative expenses, the             
mine and mill development and holding costs of SGMC; holding costs              
of Plateau; development of gas properties of Energx; uranium (U3O8)             
delivery costs, and property holding costs of SMP.  As a result of              
the disputes between the SMP partners, the Registrant and Crested               
have been delivering certain of their respective portions of the                
uranium concentrates (U3O8) required to fill various delivery                   
requirements on long-term U3O8 contracts with domestic utilities.               
Currently, Nukem/CRIC have made most the SMP deliveries of U3O8.                
It is not known how long this arrangement will continue.  The                   
capital requirements to fill the Registrant's and Crested's portion             
of the remaining commitments in fiscal 1997 will depend on the spot             
market price of uranium and is also dependent on the outcome of the             
arbitration proceedings involving Nukem/CRIC.                                   

The primary source of the Registrant's capital resources for          
the remainder of fiscal 1997, will be: (i) cash on hand; (ii) sale              
of equity or interests in investment properties; (iii) sale of                  
equipment; (iv) resolution of pending litigations/arbitration;                  
(v) sale of royalties or interests in mineral properties;                       
(vi) proceeds from the sale of uranium under the SMP contracts; and             
(vii) borrowings from financial institutions.  Fees from oil                    
production, rentals of various real estate holdings and equipment,              
aircraft chartering and the sale of aviation fuel will also provide             
cash.  Additional working capital to that on hand at                            
August 31, 1996, will be required to hold and maintain existing                 
mineral properties, permitting, the construction of a gold                      
processing mill, and mine development of SGMC and the development               
of Plateau and its associated properties and administration costs.              
The Registrant and Crested are currently seeking financing for the              
construction of the gold processing mill and mine development of                
their subsidiary Sutter Gold Mining Company ("SGMC").  SGMC has                 
received $1,121,640 through equity financing at report date.  An                
additional $12 million in financing is being sought, however, there             
is no assurance that the funds will be raised.                                  

The expenditures for the SMP care and maintenance costs may           
require additional funding, depending on the outcome of the SMP                 
arbitration.  See Part II, Item 1 "Legal Proceedings" below.                    

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Results of Operations                                                           

Three Months Ended August 31, 1996 Compared to Three Months Ended               
August 31, 1995                                                                 

Revenues for the period ended August 31, 1996, decreased by           
$3,046,200 primarily due to reduced mineral sales and option and                
construction contract revenues.                                                 

Revenues from mineral sales and option for the quarter ended          
August 31, 1995 were $2,174,300.  There were no similar U3O8                    
deliveries or option activities for the same period in the current              
year.  Currently, Nukem/CRIC are making all the SMP U3O8 deliveries.            
No assurance can be given as to how long this will continue.                    

Construction operation revenues for the three months ended            
August 31, 1996, decreased by $1,111,200 due to the slow down in                
operations of the Registrant's subsidiary Four Nines Gold, Inc.                 
("FNG").                                                                        

The costs of mineral sales decreased by $1,824,300 from the           
quarter ended August 31, 1995 as a result of there being no                     
corresponding costs incurred during the same period in fiscal 1996              
due to the Registrant not making any SMP U3O8 deliveries during the             
quarter ended August 31, 1996.  Cost and expenses associated with               
construction operations decreased primarily as a result of a slow               
down in operations for FNG.  The commercial operations, and general             
and administrative expenses remained relatively constant.                       

On February 1, 1996, the Registrant sold its wholly-owned             
subsidiary, The Brunton Company, to a non-related company.  The                 
results of operations for the quarter ended August 31, 1995 have                
therefore been restated as income from discontinued operations of               
$184,000.  Although there are no similar operations during the                  
quarter ended August 31, 1996, the Registrant will receive 45% of               
the net before tax income of Brunton for four years after closing               
on product lines existing as of February 1, 1996.  These revenues               
will be booked during the fourth quarter of each year.                          
Additionally, the Registrant holds a $1,000,000 note as a result of             
the sale of Brunton which bears interest at 7% per annum.  The                  
first payment on this note of $333,333 plus interest is due in the              
third quarter of fiscal 1997.                                                   

Operations for the three months ended August 31, 1996,                
resulted in a pre-tax loss of $392,800 before equity in loss of                 
affiliates and minority interest in gain of consolidated                        
subsidiaries of $109,600 and $113,300, respectively as compared to              
a loss of $95,200 before equity in income of affiliates and                     
minority interest in loss of consolidated subsidiaries and                      
discontinued operations of $75,600, 35,600 and $184,000,                        
respectively during the same period of the previous year.  After                
recognizing equity losses, the Registrant recognized a net loss of              
$388,600 compared to a loss of $22,400 for the comparative period               
of the previous year.                                                           

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PART II.  OTHER INFORMATION               

Item 1.   Legal Proceedings.                                                    

The information called for in this Item 1 has been previously         
reported in the Registrant's Form 10-K (Item 3)for the fiscal year              
ended May 31, 1996.  Hearings under a consensual arbitration                    
agreement involving the Registrant and Crested d/b/a USECC and                  
Nukem/CRIC over the Sheep Mountain partnership agreement on uranium             
operations in Wyoming were held during 73 hearing days from June                
27, 1994 through May 31, 1995.  On April 18, 1996, the Panel                    
awarded USECC a net of approximately $12,200,000 cash and awarded               
SMP in constructive trust certain long-term uranium purchase rights             
and profits in contracts which were entered into between Nukem and              
three CIS Republics.  These contracts have significant value to the             
SMP Partnership.                                                                

USECC then petitioned the U.S. District Court in Colorado for         
confirmation of the Award and Nukem filed motions to set aside                  
portions of the Award, alleging that significant portions of the                
Award were erroneous. On May 31, 1996, the District Court remanded              
the Award to the Panel for consideration of these motions.  On July             
3, 1996, the Panel entered a new order affirming both the monetary              
award and placing the CIS contracts in constructive trust with SMP              
because of Nukem's wrongdoings.  Nukem is objecting to and                      
contesting the Panel's Award.                                                   

In addition to the Petition for Confirmation of the Award,            
USECC has also filed a petition for appointment of a receiver for               
the SMP partnership and a motion for an order directing                         
distribution of the escrowed proceeds of approximately $19,000,000              
in the SMP accounts.                                                            

The Registrant and Crested were advised by the Court on               
September 25, 1996 that on motion of opposing counsel because of                
illness in such counsel's immediate family, an order had been                   
entered by the U.S. District Court of Colorado continuing the                   
hearing scheduled for September 25, 1996 to Friday, November 1,                 
1996 commencing at 8:00 a.m.                                                    

Item 6.   Exhibits and Reports on Form 8-K.                                     

(a)  Exhibits.  None.                                                 

(b)  Reports on Form 8-K.  The Registrant filed two Reports on        
Form 8-K under Item 5 - Other - Litigation Update, during the                   
quarter ended August 31, 1996, reporting events of May 24, 1996 and             
July 3, 1996, which were the result of the Arbitration Panel's                  
affirmation of its April 18, 1996 Order and Award.                              

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SIGNATURES                

Pursuant to the requirements of the Securities Exchange Act of        
1934, the Registrant has duly caused this report to be signed on                
its behalf by the undersigned, thereunto duly authorized.                       

       U.S. ENERGY CORP.
  (Registrant)

Date:  October 14, 1996       By:  s/ John L. Larsen                            
                    ------------------------------
     JOHN L. LARSEN,
             Chief Executive Officer

Date:  October 14, 1996       By:  s/ Robert Scott Lorimer                      
                    ------------------------------
           ROBERT SCOTT LORIMER,
                 Principal Financial Officer
                  and Chief Accounting Officer

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘10-Q’ Filing	Date	First	Last	Other Filings

	11/1/96	12		8-K
Filed on:	10/15/96
	10/14/96	1	13
	9/25/96	12		8-K
For Period End:	8/31/96	1	12
	7/3/96	12		424B2, 8-K
	5/31/96	2	12	10-K, 10-K/A, DEF 14A, NT 10-K
	5/24/96	12		8-K
	4/18/96	12		8-K
	2/1/96	8	11
	8/31/95	2	11	10-Q
	5/31/95	12		10-K, DEF 14A, NT 10-K, NTN 10K
	6/27/94	12
				List all Filings

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Filing Submission 0000101594-96-000038 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

US Energy Corp – ‘10-Q’ for 8/31/96

As of: Tuesday, 10/15/96 · For: 8/31/96 · Accession #: 101594-96-38 · File #: 0-06814

Previous ‘10-Q’: ‘10-Q’ on 4/16/96 for 2/29/96 · Next: ‘10-Q’ on 1/14/97 for 11/30/96 · Latest: ‘10-Q’ on 5/9/24 for 3/31/24

Quarterly Report — Form 10-QFiling Table of Contents

10-Q — Use 10-Q 8/31/96Document Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

Quarterly Report — Form 10-Q
Filing Table of Contents

10-Q — Use 10-Q 8/31/96
Document Table of Contents